If you can get a mortgage I would be happy to provide you with the unmatched Wise Buyer Program to help you safely avoid all possible pitfalls and maximize your entire home purchase transaction.
Don't hesitate to contact me if you have any questions or need immediate assistance.
Broker/Owner - Realtor
Professional Buyers Broker
ICC Code Certified Building Inspection Expert
â€œKnow if the property is a Real Find or a Real Financial Risk - Before you submit your offer!
Most lenders require 2 years from the discharge date. Your credit scores are excellent, minimum needed is 620. You have all the options at your disposal: FHA, VA, USDA, conventional loans. You can borrow no money down if the property is located in an eligible area.
I would love to work with you and get your pre-approved, but we only lend in Florida. So call a local mortgage broker, who will make sure all the numbers work in your favor.
My best suggestion to you is to search for a reputable lender that can go over your circumstances and provide you with any suggestions of ways improve your credit. This should place you into to a position to have the buying power for which you strive. Based on the credit score, you are in a qualifying range but there may be some things you can do to improve it. I understand that the BK will not go away right now, but some lenders will take time to help you so you are on the right road for the future. A lender may, in speaking with you, find that his/her company has exceptions that may apply to you regarding the BK.
Please do not hesitate to contact me at (770)780-4790 and I will be happy put you in contact with a lender that I have used and found very helpful.
Kristen C.Bentley, Realtor
Prudential Georgia Realty
4648 Woodstock Rd
Roswell, GA 30075
Although there are lenders that will work with people with no credit, you can't do it coming out of bankruptcy. In order to do a no credit purchase, the file has to be clean. You may also want to check your credit report prior to calling lenders so that you can make sure that the BK attorney's did their job in making sure all the creditors reported correctly to the bureaus. Too many times creditors will continue to show up as a current collection which can severely damage your ability to buy.
When a person files for bankruptcy (7, 11 or 13) he/she cannot have any late payments afterwards. Also, make sure that after 7 years, the BK is removed from the bureau by disputing it. They have a tendency to linger for 10 years and they are not supposed to. Check out the site below for a free copy of your report if you haven't already done so.
Lastly, the amount of money you put down no longer applies to getting a loan. A lender will have its parameters on the required down payment. With a 678 score (lenders base their decision on the lower of two applicants), you are better off going FHA unless the property exceeds the $346,250 FHA loan limit for Fulton County. Your rate will go up if you put too much down and FHA would rather see you save money and have money after the closing (though reserves are not required) than to put more money down. The minimum down payment is 3.5%. I'd recommend FHA to start as they are more lenient on people who had to file BK.